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Genymotion is a Virtual Android Environment built on x86 and Virtualbox. It's not an ARM emulator so it's performance is way better than the Android SDK Emulator. However in their latest update they've removed both ARM Translation and Google Play Apps. (This is what causes the "INSTALL_FAILED_CPU_ABI_INCOMPATIBLE" errors) Many Devs and Users still find these features very useful for various reasons and their removal has forced people to look for alternatives to Genymotion.

This guide is for getting back both ARM Translation and Google Play apps in your Genymotion VM.

UPDATE-v1.1: I've gotten more up-to-date builds of libhoudini and have updated the ZIP. This fixes a lot of app crashes and hangs. Just flash the new one and it should work.
Download the following ZIPs:
ARM Translation Installer v1.1 - http://goo.gl/JBQmPa(Mirrors) ON DROPBOX
Download the correct GApps for your Android version:
Google Apps for Android 4.3 - http://goo.im/gapps/gapps-jb-20130813-signed.zip ON DROPBOX
Google Apps for Android 4.2 - http://goo.im/gapps/gapps-jb-20130812-signed.zip ON DROPBOX
Google Apps for Android 4.1 - http://goo.im/gapps/gapps-jb-20121011-signed.zip ON DROPBOX
Next Open your Genymotion VM and go to the Homescreen
Now Drag&Drop the Genymotion-ARM-Translation.zip onto the Genymotion VM window.
It should say "File transfer in progress", once it asks you to flash it click 'OK'
Now Reboot your VM using ADB or an app like ROM Toolbox. If nescessary you can simply close the VM window, but I don't recommend it.
Once you're on the Homescreen again Drag&Drop the gapps-jb-20130813-signed.zip(or whatever version you got) onto your VM, and click 'OK' when asked
Once it finishes, again Reboot your VM and open the Google Play Store.
Sign in using your Google account
Once in the Store go to the 'My Apps' menu and let everything update(fixes a lot of issues)
Now try searching for 'Netflix' and 'Google Drive'
If both apps show up in the results and you're able to Download/Install them, then congrats you now have ARM support and Google Play fully setup!
I've tested this on Genymotion v2.0.1 Using Android 4.3 images. Feel free to skip the GApps steps if you only want the ARM support. It'll work perfectly fine by itself.

If you have any problems please don't hesitate to ask for help below.